Okada Manila (OKADA) [link] is reportedly considering an IPO in 2025 that would be worth between P29 billion and P43 billion. The sources said that Universal Entertainment, OKADA’s Japan-based operator, pushed back its original plan to list in H2/24 to allow Universal Entertainment to refinance its debt.
MB BOTTOM-LINE: Gaming and tourism are hot right now and have the government’s blessing, so perhaps OKADA is just looking to raise some cash to expand quickly. While this listing is just at the “pillow talk” phase, it’s possible to see the outline of a deal that whitewashes some debt while also giving OKADA the financial clearance to pull the trigger with two barrels on buying Dennis Uy’s distressed assets lurking inside PH Resorts [PHR 0.93 ?2.2%; 53% avgVol]. All of this is just speculation on my part. There’s no prospectus or anything to read, just some hype from a casino operator. Which seems appropriate.
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